Q2 2017 Results by Sanofi

1. Q2 2017 Results
July 31, 2017

2. 2
Forward Looking Statements
This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include
projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and
expectations with respect to future financial results, events, operations, services, product development and potential,
and statements regarding future performance. Forward-looking statements are generally identified by the words
“expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Although Sanofi’s
management believes that the expectations reflected in such forward-looking statements are reasonable, investors are
cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which
are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to
differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
These risks and uncertainties include among other things, the uncertainties inherent in research and development,
future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the
EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such
product candidates as well as their decisions regarding labelling and other matters that could affect the availability or
commercial potential of such product candidates, the absence of guarantee that the product candidates if approved will
be commercially successful, the future approval and commercial success of therapeutic alternatives, the Company’s
ability to benefit from external growth opportunities and/or obtain regulatory clearances, risks associated with
intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in
exchange rates and prevailing interest rates, volatile economic conditions, the impact of cost containment initiatives
and subsequent changes thereto, the average number of shares outstanding as well as those discussed or identified in
the public filings with the SEC and the AMF made by Sanofi, including those listed under “Risk Factors” and
“Cautionary Statement Regarding Forward-Looking Statements” in Sanofi’s annual report on Form 20-F for the year
ended December 31, 2016. Other than as required by applicable law, Sanofi does not undertake any obligation to
update or revise any forward-looking information or statements.

3. 3
Agenda
3
Key Highlights
● Olivier Brandicourt - Chief Executive Officer
Launching our Immunology Franchise
● Bill Sibold - Executive Vice President, Sanofi Genzyme
Advances in our Specialty Care Pipeline
● Elias Zerhouni - President, Global R&D
Financial Results
● Jérôme Contamine - Executive Vice President, Chief Financial Officer
Additional Participants for Q&A Session
● Olivier Charmeil - Executive Vice President, General Medicines & Emerging Markets
● Peter Guenter - Executive Vice President, Diabetes & Cardiovascular
● Karen Linehan - Executive Vice President, Legal Affairs and General Counsel
● David Loew - Executive Vice President, Sanofi Pasteur
● Alan Main - Executive Vice President, Consumer Healthcare

4. KEY HIGHLIGHTS
4
Olivier Brandicourt
Chief Executive Officer

5. Company Sales
Q2 2017 Sales Performance Consistent with Expectations
5
(1) Primarily includes SPMSD (€47m) and BI CHC (€371m on a Full Sales recognition basis; €348m when adjusting
for progressive sales recognition) in Q2 2016. Minor disposal of CHC activities in China is also included.
(2) Q2 2016 Sales at Constant Structure
(3) Incremental sales at CER
(4) Growth at Constant Exchange Rates (CER) and Constant Structure (CS)
SalesBI CHC / SPMSD
€76m
Q2 2016 Q2 2017Q2 2016
CS
Fx
€394m
€8,143m
€8,663m
€8,537m
€50m
+0.6%
at CER/CS(4)
(1)
(2)
(3)

6. Q2 2017 Financial Results Benefit from Simplification;
H1 Performance Allows for Raised 2017 Guidance
6
CER : Constant Exchange Rates
Business EPS
Q2 2017
€1.35
Q2 2016
€1.31
+1.5%
at CER
Company Sales
€8,143m
€8,663m
Q2 2016 Q2 2017
+5.5%
at CER
Business EPS grew +2.7% at CER in H1 2017

7. 7
Growth
at CER/CS(1)
Strong Performance in Q2 2017 for Specialty Care and
Vaccines, Offset by Anticipated U.S. Diabetes Decline
(1) Growth at CER and Constant Structure on the basis of Q2 2016
sales including CHC sales from Boehringer Ingelheim, SPMSD
sales and others
(2) Does not include Emerging Markets sales
(3) On a CER basis, growth was +26.2%
(4) Consumer Healthcare includes sales in Emerging Markets
(5) On a CER basis, growth was +42.5%
(6) Includes Emerging Markets sales for Diabetes &
Cardiovascular and Specialty Care
(7) Emerging Markets: World excluding U.S., Canada, Western &
Eastern Europe (except Eurasia), Japan, South Korea,
Australia, New Zealand and Puerto Rico
(8) Excluding global Consumer Healthcare sales and Vaccines
Pictures by Freepik
Q2 2017 Sales by Global Business Unit
Company Sales €8,663m +0.6%
€1,386mDiabetes & Cardiovascular -15.0%
€1,439mSanofi Genzyme (Specialty Care) +14.4%
€1,016mSanofi Pasteur (Vaccines) +19.2%
€3,659mGeneral Medicines & Emerging Markets -1.3%
(6,7,8)
(2)
(2)
(4)
€1,163mConsumer Healthcare -0.1%
(5)
(3)

8. 8
Emerging Markets Supported Growth While Developed
Markets Faced Some Headwinds in Q2 2017
Q2 2017 Sales by Franchise
Developed Markets Emerging Markets
Growth at
CER/CS(1)
Total
Sales
Growth at
CER/CS(1)Sales
Specialty Care +13.6%€1,711m +9.7%+14.4%€1,439m €272m
Diabetes & Cardiovascular -10.7%€1,772m +8.6%-15.0%€1,386m €386m
Sales
Growth at
CER/CS(1)
Vaccines +19.2%€1,016m +22.2%+17.3%€602m €414m
Established Rx Products -2.6%€2,559m +3.5%-6.1%€1,592m €967m
Generics -7.6%€442m -8.9%-6.7%€253m €189m
Consumer Healthcare -0.1%€1,163m +4.6%-2.3%€762m €401m
(1) Growth at CER and Constant Structure

9. Q2 2016 Q2 2017
Immunology
Rare Diseases
Multiple Sclerosis
Oncology
9
Sanofi Genzyme Delivered Double-Digit Growth and
Launched an Immunology Franchise
● Specialty Care franchise up +14% with all
franchises growing across both Emerging
and Developed markets
● Rare Disease Franchise increases +5.9%
● Myozyme and Fabrazyme up double digits
● Gaucher franchise stable
● Multiple Sclerosis franchise continued to
grow strongly, up +28%
● Dupixent generated €26m in sales
● Kevzara launched in the U.S. and
approved in Europe
€707m
€1,711m
€752m
+5.9% at CER
€549m
+27.9% at CER
Global Specialty Care
Franchise Sales
€423m
€363m
€383m
+4.4% at
CER
€1,493m
+13.5%
at CER
9

10. Double-Digit Vaccines Growth in Q2 Driven by Pediatric
Combination Strategy and Menactra
10
All growth at CER/CS unless otherwise stated
(1) Pediatric combination vaccines including Hexaxim, Pentaxim,
Tetraxim
(2) Centers for Disease Control and Prevention
(3) Q2 2016 Sales adjusted for SPMSD
● Q2 2017 Vaccines sales up +19% at
CER/CS(3)
● Pediatric combo(1) franchise up +31%
● Menactra sales up +41% at CER, driven by
U.S. CDC(2) stocking
● European performance improved (+32%)
following Integration of vaccines business
formerly managed by SPMSD JV
● First shipment for U.S. Flu season
completed on July 17 and expect to deliver
similar number of doses as in 2016
Sanofi Pasteur Sales
Q2 2017
€1,016m
Q2 2016
CS(3)
€844m
Other
Travel/Endemic
Adult Boosters
Meningitis/Pneumo
Pediatric Combinations
Influenza Vaccines
+19.2%
at CER/
CS

11. Accelerated Decline in Diabetes Sales
Partially Mitigated by Toujeo
11
● Diabetes sales declined -12% at CER driven by
anticipated U.S. challenges
● U.S. diabetes sales decline (-19% in H1 2017)
expected to accelerate in H2 2017
● Toujeo sales reached €210m (+46% at CER)
● Achieved 13% basal market share in Europe(1)
● Continued share gain in the U.S. Basal market(2)
● Reached 15.5% market share in Japan
● Soliqua™ 100/33 U.S. payer coverage improving
● Access secured for 62% of commercial lives
● Comprehensive 2018 U.S. payer coverage
update to be provided with Q3 2017 results
(1) Based on latest available data in each country
(2) 7.9% based on IMS data as of July 14, 2017
(3) In other countries where Toujeo is launched, based on latest available monthly data
Toujeo Market Share(1)
Top EU Countries, Japan, the U.S. and Other
0%
5%
10%
15%
20%
W0 W20 W40 W60 W80 W100
Germany Italy Spain
UK USA Japan
France Other(3)
Week since launch

12. 12
CHC Sales Stable in Q2 2017
as Seasonality Impacted Growth
(1) Growth at CER and Constant Structure on the basis of Q2 2016 sales including CHC sales from Boehringer Ingelheim and Others
(2) Europe Allergy, cough and cold sales were up +21.6% and Pain sales were up +15.7% in Q1 2017
(3) 42 countries have exited transitional distribution service agreement by early July 2017. Remaining 13 countries expected to exit transitional
distribution service agreement by April 2018.
● CHC sales stable at CER/CS(1)
● Europe was down -7.8% due to strong and
early cough and cold season(2)
● U.S. sales increased +2.5%
● Emerging Markets up +4.6% with all core
categories growing
● BI integration progressing according to plan
● Over 95% of BI CHC sales will be recognized
by end of 2017(3)
12
Q2 2017 Global CHC Sales
at CER/CS
€255m
-1.6%
€297m
-1.7%
€239m
+2.2%
€170m
-1.2%
€202m
+2.6%
Other
Nutritional
Digestive
Pain
Allergy, Cough & Cold
H1 2017 sales growth was 2.4% at CER/CS

13. €2,798m
€2,350m
€934m
€886m
€729m
EUROPE
-1.0%
ASIA
+10.0%
ROW(3)
-1.1%
LATAM
+3.9%
U.S.
Emerging Markets(1) Continue Strong Growth With
China Sales Increasing Double Digits(2)
13
Emerging Markets(1) grew +6.6% at CER/CS
-2.7%
€626m
AME(5)
+1.4%
€312m
EURASIA(4)
+15.2%
All growth at CER/CS unless specified otherwise
(1) World excluding U.S., Canada, Europe, Japan, South Korea, Australia, New
Zealand and Puerto Rico
(2) China growth was +15.4% at CER and +17.1% at CER/CS
(3) RoW: Japan, South Korea, Canada, Australia, New Zealand and Puerto Rico
(4) Eurasia: Russia, Ukraine, Georgia, Belarus, Armenia and Turkey
(5) AME: Africa and Middle East

14. 14
Bill Sibold
Executive Vice President,
Sanofi Genzyme
LAUNCHING
OUR IMMUNOLOGY
FRANCHISE

15. 15
● U.S. prescriptions trending ahead of other
recently launched dermatology biologics
● Over 5,100 prescribers since launch(1)
● Cumulatively over 13,000 patients prescribed
since launch(1)
● Broad U.S. market access expected by the
end of 2017
● Dupixent received positive CHMP
recommendation in moderate-to-severe
atopic dermatitis in adults on July 21, 2017
● Q2 2017 sales of €26m
(1) As of July 26, 2017
(2) Source: IMS data
Strong Launch Driven by High Patient Need,
HCP Engagement and Initial Market Access
Dupixent Weekly TRx
since launch(2)
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
W0 W2 W4 W6 W8 W10 W12 W14
Week since launch
FDA sBLA submission in asthma expected in Q4 2017

16. Positioned to Grow IL-6 Class and Benefit
from Evolving RA(1) Treatment Paradigm
16
● Launch underway in the U.S. and now
approved in Europe
● U.S. product label includes:
● Consistent efficacy in both MTX-IR(2)
and TNF-IR(3) patients
● Radiographic data supportive of
clinical profile on joint erosion and
space narrowing
● Bi-weekly administration for both
200mg and 150mg doses
● Payer discussions ongoing
● Market access anticipated for majority
of commercial lives by year-end
(1) Rheumatoid arthritis
(2) MTX-IR: Methotrexate inadequate response
(3) TNF-IR: Anti-TNFa inadequate response
Consistent Efficacy Data
in MTX-IR and TNF-IR patients
% of patients achieving ACR20/50/70 at week 24
19.8%
24.8%
37.0%
45.6%
58.0%
66.4%
33.4%
16.6%
7.3%
Kevzara 150mgKevzara 200mg Placebo
18.2%
ACR70
19.9%
16.3%
ACR50
37.0%
40.8%
ACR20
55.8%
60.9%
33.7%
7.2%
MOBILITY
MTX-IR(3)
TARGET
TNF-IR(4)

17. 17
ADVANCES IN OUR
SPECIALTY CARE
PIPELINE
Elias Zerhouni
President, Global R&D

18. SAR439684 (PD-1 inhibitor): Registrational Phase 2
Underway Supported by Positive Early Results in CSCC
18
● PD-1 (SAR439684) positive Phase 1
study results in advanced CSCC(1)
● 46.2% ORR(2) and 69.2% DCR(3)
● Generally well tolerated(4)
● Anticipated FDA submission in mCSCC
in Q1 2018 based on current Phase 2
● Additional studies initiated in Q2:
● 1st line NSCLC(5): Phase 3 started
● Advanced BCC(6): Phase 2 started
● RRMM(7): Phase 1/2 started in
combination with isatuximab
In collaboration with Regeneron
SAR439684 is an investigational agent under clinical
development and its safety and efficacy has not been
fully evaluated by any Regulatory Authority
SAR439684 also known as REGN2810
(1) Cutaneous Squamous Cell Carcinoma
(2) Overall Response Rate
(3) Disease Control Rate
(4) The most common treatment-related adverse
event of any grade was fatigue (23.1%). All
grade 3 or higher adverse events occurred once
and included arthralgia (3.8%), maculopapular
rash (3.8%), asthenia (3.8%), aspartate
aminotransferase (AST) elevation (3.8%) and
alanine aminotransferase (ALT) elevation
(3.8%).
(5) Non-Small Cell Lung Cancer
(6) Basal Cell Carcinoma
(7) Relapsed Refractory Multiple Myeloma
(8) Data presented at ASCO 2017
Months
PD-1 (SAR439864) ORR
in Phase 1 CSCC(8)
Percent change in target lesions from baseline
mCSCC
locally advanced
(100%)
(80%)
(60%)
(40%)
(20%)
0%
20%
40%
0 2 4 6 8 10 12

19. Fitusiran – Positive Phase 2 data and Phase 3 ATLAS
Program Initiated
19
● Phase 2 OLE(1) study results with fitusiran
for Hemophilia A and B patients with and
without inhibitors
● 48% of patients bleed-free
● 67% of patients reported no
spontaneous bleeding
● Majority of AEs(2) were mild or moderate
● ISRs(3) most common non-laboratory AE
● No thromboembolic events
● Asymptomatic ALT increases >3X ULN
observed in HCV Ab+ patients; most
cases improved without dose interruption
(one led to discontinuation)
● Phase 3 ATLAS program initiated
In collaboration with Alnylam
Fitusiran is an investigational agent under clinical development and its
safety and efficacy has not been fully evaluated by any Regulatory
Authority
(1) Open-Label Extension
(2) Adverse events
(3) Injection site reactions
(4) Annualized Bleed Rate
Summary of Median ABRs(4)
N=7 N=12
Patientswithout
Inhibitors
Patientswith
Inhibitors
ObservationPre-Study
N=19
N=14 N=14
1.72
12
38
Prophylaxis On-Demand
0

20. 20
FINANCIAL RESULTS
Jérôme Contamine
Executive Vice President,
Chief Financial Officer

21. Q1Q4Q3Q2
2016 2017
Q2
21
Currency Tailwind Diminishes in Q2 2017
(1) Main currency impact on Company Sales in Q2 2017: US Dollar (+€67m), Brazilian Real (+€28m), Russian Rouble
(+€24m), Egyptian Pound (-€35m) and Turkish Lira (-€22m)
Currency Impact
-4.2%
-€353m
-1.0%
-€83m -0.1%
-€10m
-€0.02
-€0.07 +€0.05
-€0.04
-5.0%
-1.2%
-3.1%
Company Sales(1) Business EPS
+2.5%
+€194m
+€0.04
+3.0%
Q1Q4Q3Q2
2016 2017
Q2
+0.9%
+€76m
+€0.02
+1.6%

22. CER: Constant Exchange Rates
(1) Effective tax rate excluding Animal Health 22
Q2 2017 Operating Margin Improvement More than
Offset Change of Structure and Higher Tax Rate
€m Q2 2017 Q2 2016 % Change
(reported €)
% Change
(CER)
Net Sales 8,663 8,143 +6.4% +5.5%
Gross Profit 6,136 5,785 +6.1% +4.9%
Business Operating Income 2,299 2,093 +9.8% +8.5%
Business operating margin 26.5% 25.7% - -
Effective tax rate(1) 24.5% 23.2% - -
Animal Health contribution to BNI 0 128 - -
Total Business Net Income 1,696 1,680 +1.0% -0.5%
Average number of Shares 1,258.2 1,286.8 - -
Business EPS €1.35 €1.31 +3.1% +1.5%

23. CER: Constant Exchange Rates
(1) Constant Structure P&L 23
Quarterly Performance Continues to Benefit from Sanofi’s
More Focused Organization
€m Q2 2017 Q2 2016 CS % Change
(CER/CS)
Net Sales 8,663 8,537 +0.6%
Other revenues 270 160 +66.3%
Gross Profit 6,136 6,055 +0.3%
R&D (1,358) (1,304) +3.1%
SG&A (2,568) (2,566) -0.9%
Other current operating income & expenses 68 0 -
Share of profit/loss of associates 51 25 -
Minority interests (30) (28) -
Business Operating Income 2,299 2,182 +4.1%
Business operating margin 26.5% 25.6%
(1)

24. Q2 2017 Gross Margin Broadly Stable With Disciplined
Expense Management
24
(1) Gross Margin is calculated as the ratio of Gross profit over Company sales (excluding Other revenues)
(2) At CER and Constant Structure
(3) Adjustments for BI CHC and SPMSD and Others reduces Gross Margin Ratio by 0.1% and add €169m in SG&A and €25m in R&D
Gross Margin Ratio(1)
SG&A
R&D
Q2 2016
CS(3)
Q2 2017
€1,358m
+3.1% at
CER/CS
€2,568m
-0.9% at
CER/CS
€3,926m
+0.5% at CER/CS(2)
€3,870m
€1,304m
€2,566m
Investing in our innovative late-stage pipeline to drive long-term growth
71.7%
Q2 2016
CS(3)
Q2 2017
Operating Expenses
70.8%70.9%

25. Net Debt
Jun 30, 2017
Other
-€350m
Net cash from
CHC/Merial
asset swap
€4,349m
Acquisitions,
Licensing, Net
of Disposals
-€246m
Net Share
Repurchase
-€1,599m
CapEx
-€688m
Net Cash from
Operating
Activities
Net Debt
Dec 31, 2016
Dividend
-€3,710m
25
(1)
(2)
€8,206m
€7,463m
€2,987m
(4) (1)
FCF
€2,299m
(3)
FCF: Free Cash Flow
(1) Including derivatives related to the financial debt +€100m at
December 31st 2016 and +87m at June 30th 2017
(2) Excluding Restructuring costs
(3) Including payment to MedImmune of €120m and repayment from
Hanmi of €98m
(4) Other including Restructuring costs and Fx impact
Net Debt
25
Net Debt Evolution in H1 2017

26. 26
(1) Compared to FY2016 and barring major unforeseen adverse events
(2) FY 2016 Business EPS of €5.68
(3) Difference between variation on a reported basis and variation at CER
Raising Business EPS Guidance at CER
for H1 2017 Performance
Business EPS
+1%(3)
based on June 2017 average exchange rates
Broadly Stable at CER(1,2)
FY 2017
FX impact on Business EPS

27. 27
CLOSING REMARKS
Olivier Brandicourt
Chief Executive Officer

28. Executing on our 2020 Strategic Roadmap
FY guidance raised on solid H1 financials1
Investing in R&D and advancing innovation platforms5
4
Focused organization driving performance and expense discipline2
28
Managing challenging U.S. payer environment in diabetes3
Strong Dupixent launch

29. 29
Q&A SESSION

30. 30
APPENDICES
R&D PIPELINE

31. R&D Pipeline – Pharma & Vaccines
Phase 1 Phase 2 Phase 3 Registration
(1) Also known as MYK491
(2) Also known as Niemann Pick type B
(3) Also known as MEDI8897
(4) Approved in 18 countries to date 31
GZ402668
GLD52 (anti-CD52 mAb)
Relapsing multiple sclerosis
N GZ389988
TRKA antagonist
Osteoarthritis
N
SAR425899
GLP-1R/GCGR dual agonist
Type 2 diabetes
N
SAR438335
GLP-1R/GIPR dual agonist
Type 2 diabetes
N
SAR566658
Maytansin-loaded anti-CA6 mAb
Solid tumors
N
SAR408701
Maytansin-loaded anti-CEACAM5 mAb
Solid tumors
N
SAR428926
Maytansin-loaded anti-Lamp1 mAb
Cancer
N
SAR247799
S1P1 agonist
cardiovascular indication
N
SAR439152
Myosin inhibitor
Hypertrophic cardiomyopathy
N
fitusiran
siRNA targeting Anti-Thrombin
Hemophilia
N
UshStat®
Myosin 7A gene therapy
Usher syndrome 1B
N
SAR407899
rho kinase
Microvascular angina
NSAR228810
Anti-protofibrillar AB mAb
Alzheimer’s disease
N
Herpes Simplex Virus Type 2
HSV-2 vaccine
dupilumab
Anti-IL4Rα mAb
Eosinophilic oesophagitis
SAR156597
IL4/IL13 Bi-specific mAb
IPF, Systemic Scleroderma
N
SAR100842
LPA1 receptor antagonist
Systemic sclerosis
N
efpeglenatiden
Long-acting GLP-1 receptor agonist
Type 2 diabetes
N
isatuximab
Anti-CD38 naked mAb
Relapsed Refractory Multiple Myeloma
N
venglustat
Oral GCS inhibitor
Gaucher related Parkinson’s Disease, Gaucher
Disease Type 3, Fabry Disease
N
SAR422459
ABCA4 gene therapy
Stargardt disease
N
Rabies VRVg
Purified vero rabies vaccine
Tuberculosis
Recombinant subunit vaccine
Fluzone® QIV HD
Quadrivalent inactivated
influenza vaccine - High dose
GZ402666
neoGAA
Pompe Disease
N
sotagliflozin n
Oral SGLT-1&2 inhibitor
Type 1 & Type 2 diabetes
N
patisiran
siRNA inhibitor targeting TTR
Hereditary ATTR amyloidosis
N
Clostridium difficile
Toxoid vaccine
VaxiGrip® QIV IM
Quadrivalent inactivated
influenza vaccine (6-35 months)
Pediatric pentavalent vaccine
DTP-Polio-Hib
Japan
Men Quad TT
2nd generation meningococcal
ACYW conjugate vaccine
SAR342434
insulin lispro
Type 1+2 diabetes
N
Dupixent
Anti-IL4Rα mAb
Atopic dermatitis, EU
Dengvaxia®(4)
Mild-to-severe
dengue fever vaccine
PR5i
DTP-HepB-Polio-Hib
Pediatric hexav. vaccine, U.S
dupilumab
Anti-IL4Rα mAb
Asthma, Nasal Polyposis
SAR440340
Anti-IL33 mAb
Asthma & COPD
N
SAR439794
TLR4 agonist
Peanut allergy
N
Adacel+
Tdap booster
Shan 6
DTP-HepB-Polio-Hib
Pediatric hexavalent vaccine
HIV
Viral vector prime & rgp120 boost
vaccine
Zika
Inactivated Zika vaccine
Respiratory syncytial virus
Infants
N New Molecular Entity
Infectious Diseases
Oncology
Immuno-inflammation
Diabetes Solutions
Rare Disease
Vaccines
MS, Neuro, Ophthalmology
Cardiovascular & metabolism
R Registration Study
SAR439684
PD-1 inhibitor
Advanced CSCC (Skin cancer)
R
olipudase alfa
rhASM Deficiency
Acid Sphingomyelinase Deficiency(2)
NR
Combination
ferroquine / OZ439
Antimalarial
NR
SAR341402
Rapid acting insulin
Diabetes
N
SAR440181(1)
DCM1 Myosin activation
cardiovascular indication
N
SP0232(3)
Respiratory syncytial virus
Monoclonal antibody
isatuximab
Anti-CD38 naked mAb
Acute Lymphoblastic Leukemia
SAR439459
TGFb inhibition mAb
Metastatic melanoma
N
sarilumab
Anti-IL6R mAb
Uveitis
SAR439684
PD-1 inhibitor
1st line NSCLC
N
SAR439684
PD-1 inhibitor
Advanced BCC

32. 32
Phase 1 Phase 2 Phase 3 Registration TOTAL
Oncology 3 1 2 0 6
Diabetes 2 2 1 1 6
Cardiovascular Diseases 3 1 0 0 4
Immuno-inflammation 2 3 0 0 5
Infectious Diseases 0 1 0 0 1
Rare Diseases 0 2 3 0 5
Multiple Sclerosis,
Neurology, Ophthalmology
3 1 0 0 4
Vaccines 3 7 4 2 16
TOTAL 16 18 10 3
R&D Pipeline Summary Table(1)
34 13 NMEs & Vaccines
47
32
31
(1) Excluding life cycle management programs

33. 33
Expected R&D Milestones
33
Products Expected milestones Timing
Dupixent® Start of Phase 3 trial in Atopic Dermatitis in 6-11 year-olds Q3 2017
Fluzone QIV HD Start of Phase 3 trial Q3 2017
VaxiGrip® QIV IM (6-35 months) EU regulatory submission Q3 2017
patisiran Phase 3 results in Hereditary ATTR amyloidosis Q3 2017
dupilumab Phase 3 results in Asthma in Adult/Adolescent patients Q4 2017
dupilumab U.S. regulatory submission in Asthma in Adult/Adolescent patients Q4 2017
Dupixent® Start of Phase 3 trial in Atopic Dermatitis in 6 months to 5 year-olds Q4 2017
efpeglenatide Start of Phase 3 trial in type-2 Diabetes Q4 2017
sotagliflozin Start of Phase 3 trials in combination therapies in type-2 Diabetes H2 2017
isatuximab Start of additional Phase 3 trials in Multiple Myeloma and additional indications H2 2017
SAR439684 (PD-1) Phase 2/3 to start in additional solid tumors H2 2017
Praluent® ODYSSEY OUTCOMES top-line results Q1 2018
SAR439684 (PD-1) Phase 2 (registration) results in Cutaneous Squamous Cell Carcinoma Q1 2018
GZ402668 (anti-CD52 mAb) Start of Phase 3 in Relapsing Multiple Sclerosis Q1 2018
dupilumab Start of Phase 3 trial in Eosinophilic Esophagitis Q1 2018
dupilumab EU regulatory submission in Asthma in Adult/Adolescent patients Q1 2018

34. 34
APPENDICES
FINANCE

35. 2017 Business EPS Currency Sensitivity
Currency Exposure on Q2 2017 Sales Currency Average Rates
2017 Currency Sensitivity
35
Q2 2016 Q2 2017 % change
EUR/USD 1.13 1.1 -2.6%
EUR/JPY 121.98 122.15 +0.1%
EUR/CNY 7.38 7.54 +2.2%
EUR/BRL 3.96 3.54 -10.8%
EUR/RUB 74.35 62.87 -15.4%
Currency Variation Business EPS Sensitivity
U.S. Dollar - 0.05 USD/EUR + EUR 0.13
Japanese Yen + 5 JPY/EUR - EUR 0.02
Chinese Yuan + 0.2 CNY/EUR - EUR 0.02
Brazilian Real + 0.4 BRL/EUR - EUR 0.02
Russian Ruble + 10 RUB/EUR - EUR 0.03
€
24.7%
US $
33.3%
Chinese Yuan
6.2%
Japanese
Yen
4.9%
Brazilian Real
3.0%
British £
2.1%
Russian
Ruble
1.7%
Australian $
1.7%
Mexican Peso
1.5%
Canadian $
1.4%
Others
19.5%

36. 36
Business Net Income Statement
*** Net of tax.
*** Determined on the basis of Business income before tax, associates, and non-controlling interests.
*** Based on an average number of shares outstanding of 1,258.2 million in the second quarter of 2017 and 1,286.8 million in the second quarter of 2016.
Second quarter 2017 Pharmaceuticals Vaccines Others Total Group
€ million Q2 2017 Q2 2016 Change Q2 2017 Q2 2016 Change Q2 2017 Q2 2016 Q2 2017 Q2 2016 Change
Net sales 7,647 7,346 4.1% 1,016 797 27.5% 8,663 8,143 6.4%
Other revenues 73 68 7.4% 197 97 103.1% 270 165 63.6%
Cost of Sales (2,168) (2,046) 6.0% (629) (477) 31.9% (2,797) (2,523) 10.9%
As % of net sales (28.4%) (27.9%) (61.9%) (59.8%) (32.3%) (31.0%)
Gross Profit 5,552 5,368 3.4% 584 417 40.0% 6,136 5,785 6.1%
As % of net sales 72.6% 73.1% 57.5% 52.3% 70.8% 71.0%
Research and development expenses (1,203) (1,138) 5.7% (155) (141) 9.9% (1,358) (1,279) 6.2%
As % of net sales (15.7%) (15.5%) (15.3%) (17.7%) (15.7%) (15.7%)
Selling and general expenses (2,338) (2,215) 5.6% (230) (182) 26.4% (2,568) (2,397) 7.1%
As % of net sales (30.6%) (30.2%) (22.6%) (22.8%) (29.6%) (29.4%)
Other operating income/expenses 53 3 5 (1) 10 (25) 68 (23)
Share of profit/loss of associates* and joint-ventures 52 28 (1) 2 51 30
Net income attributable to non controlling interests (30) (23) - - (30) (23)
Business operating income 2,086 2,023 3.1% 203 95 113.7% 10 (25) 2,299 2,093 9.8%
As % of net sales 27.3% 27.5% 20.0% 11.9% 26.5% 25.7%
Financial income & expenses (60) (74)
Income tax expenses (543) (467)
Tax rate** 24.5% 23.2%
Business net income excl. Animal Health business 1,696 1,552 9.3%
As % of net sales 19.6% 19.1%
Business net income of Animal Health business - 128
Business net income 1,696 1,680 1.0%
Business earnings / share (in €)*** 1.35 1.31 3.1%

37. 37
Business Net Income Statement
*** Net of tax.
*** Determined on the basis of Business income before tax, associates, and non-controlling interests.
*** Based on an average number of shares outstanding of 1,260.3 million in the first-half of 2017 and 1,287.6 million in the first-half 2016.
First half 2017 Pharmaceuticals Vaccines Others Total Group
€ million H1 2017 H1 2016 Change H1 2017 H1 2016 Change H1 2017 H1 2016 H1 2017 H1 2016 Change
Net sales 15,511 14,504 6.9% 1,800 1,422 26.6% 17,311 15,926 8.7%
Other revenues 149 122 22.1% 370 188 96.8% 519 310 67.4%
Cost of Sales (4,363) (4,143) 5.3% (1,131) (827) 36.8% (5,494) (4,970) 10.5%
As % of net sales (28.1%) (28.6%) (62.8%) (58.2%) (31.7%) (31.2%)
Gross Profit 11,297 10,483 7.8% 1,039 783 32.7% 12,336 11,266 9.5%
As % of net sales 72.8% 72.3% 57.7% 55.1% 71.3% 70.7%
Research and development expenses (2,373) (2,246) 5.7% (294) (268) 9.7% (2,667) (2,514) 6.1%
As % of net sales (15.3%) (15.5%) (16.3%) (18.8%) (15.4%) (15.8%)
Selling and general expenses (4,609) (4,261) 8.2% (437) (348) 25.6% (5,046) (4,609) 9.5%
As % of net sales (29.7%) (29.4%) (24.3%) (24.5%) (29.1%) (28.9%)
Other operating income/expenses 122 110 2 (1) (22) (39) 102 70
Share of profit/loss of associates* and joint-ventures 82 44 (1) 9 81 53
Net income attributable to non controlling interests (65) (50) - - (65) (50)
Business operating income 4,454 4,080 9.2% 309 175 76.6% (22) (39) 4,741 4,216 12.5%
As % of net sales 28.7% 28.1% 17.2% 12.3% 27.4% 26.5%
Financial income & expenses (123) (191)
Income tax expenses (1,127) (922)
Tax rate** 24.5% 22.9%
Business net income excl. Animal Health business 3,491 3,103 12.5%
As % of net sales 20.2% 19.5%
Business net income of Animal Health business - 299
Business net income 3,491 3,402 2.6%
Business earnings / share (in €)*** 2.77 2.64 4.9%

38. 38
Consolidated Income Statements
(1) Animal Health results and gain on disposal are reported separately in accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations).
€ million
Q2 2017 (1)
Q2 2016 (1)
H1 2017 (1)
H1 2016 (1)
Net sales 8,663 8,143 17,311 15,926
Other revenues 270 165 519 310
Cost of sales (2,885) (2,523) (5,670) (4,970)
Gross profit 6,048 5,785 12,160 11,266
Research and development expenses (1,358) (1,279) (2,667) (2,514)
Selling and general expenses (2,568) (2,397) (5,046) (4,609)
Other operating income 113 48 173 265
Other operating expenses (45) (71) (71) (195)
Amortization of intangible assets (487) (433) (990) (877)
Impairment of intangible assets (12) (52) (12) (52)
Fair value remeasurement of contingent consideration (64) (38) (100) (67)
Restructuring costs and similar items (245) (127) (364) (627)
Other gains and losses, and litigation (7) - (7) -
Operating income 1,375 1,436 3,076 2,590
Financial expenses (107) (112) (218) (241)
Financial income 47 38 95 50
Income before tax and associates and joint ventures 1,315 1,362 2,953 2,399
Income tax expense (274) (380) (610) (497)
Share of profit/(loss) of associates and joint ventures 32 5 38 98
Net income excluding the exchanged/held-for-exchange Animal Health business 1,073 987 2,381 2,000
Net income/(loss) of the exchanged /held-for-exchange Animal Health business (6) 186 4,421 286
Net income 1,067 1,173 6,802 2,286
Net income attributable to non-controlling interests 30 15 64 41
Net income attributable to equity holders of Sanofi 1,037 1,158 6,738 2,245
Average number of shares outstanding (million) 1,258.2 1,286.8 1,260.3 1,287.6
Earnings per share excluding the exchanged/held-for-exchange Animal Health business (in euros) 0.83 0.76 1.84 1.52
IFRS Earnings per share (in euros) 0.82 0.90 5.35 1.74

39. Reconciliation of Consolidated Net Income Attributable to
Equity Holders of Sanofi to Business Net Income
39
(1) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €453 million in the second quarter of 2017 and €399
million in the second quarter of 2016.
(2) In 2017, carve-out costs related to the EU Generics divestment process.
(3) In 2016, includes the following items: impact of the discontinuation of depreciation and impairment of Property, Plant & Equipment starting at IFRS 5 application (Non-current assets held
for sale and discontinued operations), impact of the amortization and impairment of intangible assets until IFRS 5 application, costs incurred as a result of the divestment, as well as tax
effect of these items.
(4) In 2016, includes the following items: impact of the discontinuation of the equity accounting of the Sanofi Pasteur MSD business net income since the announcement by Sanofi and Merck
of their intent to end their joint vaccine operations in Europe.
(5) Based on an average number of shares outstanding of 1,258.2 million in the second quarter of 2017 and 1,286.8 million in the second quarter of 2016.
€ million Q2 2017 Q2 2016 Change
Net income attributable to equity holders of Sanofi 1,037 1,158 (10.4%)
Amortization of intangible assets(1)
487 433
Impairment of intangible assets 12 52
Fair value remeasurement of contingent consideration 64 38
Expenses arising from the impact of acquisitions on inventories 88 -
Restructuring costs and similar items 245 127
Other gains and losses, and litigation (2)
7 -
Tax effect of: (380) (210)
Amortization of intangible assets (163) (151)
Impairment of intangible assets (4) (16)
Fair value remeasurement of contingent consideration (25) (4)
Expenses arising from the impact of acquisitions on inventories (28) -
Restructuring costs and similar items (83) (39)
Other tax effects (77) -
Other tax items 111 113
Share of items listed above attributable to non-controlling interests - (8)
Restructuring costs of associates and joint ventures, and expenses arising from the impact
of acquisitions on associates and joint ventures
19 16
Animal Health items (3)
6 (58)
Other Sanofi Pasteur MSD items (4)
- 19
Business net income 1,696 1,680 1.0%
IFRS earnings per share (5)
(in euros) 0.82 0.90

40. Reconciliation of Consolidated Net Income Attributable to
Equity Holders of Sanofi to Business Net Income
40
(1) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €919 million in the first-half of 2017 and €809 million in
the first-half of 2016.
(2) In 2017, carve-out costs related to the EU Generics divestment process.
(3) In 2017, net gain resulting from the divestment of the Animal Health business.
In 2016, includes the following items: impact of the discontinuation of depreciation and impairment of Property, Plant & Equipment starting at IFRS 5 application (Non-current assets held
for sale and discontinued operations), impact of the amortization and impairment of intangible assets until IFRS 5 application, costs incurred as a result of the divestment, as well as tax
effect of these items.
(4) In 2016, includes the following items: impact of the discontinuation of the equity accounting of the Sanofi Pasteur MSD business net income since the announcement by Sanofi and Merck
of their intent to end their joint vaccine operations in Europe.
(5) Based on an average number of shares outstanding of 1,260.3 million in the first-half of 2017 and 1,287.6 million in the first-half 2016.
€ million H1 2017 H1 2016 Change
Net income attributable to equity holders of Sanofi 6,738 2,245 200.1%
Amortization of intangible assets(1)
990 877
Impairment of intangible assets 12 52
Fair value remeasurement of contingent consideration 100 67
Expenses arising from the impact of acquisitions on inventories 176 -
Restructuring costs and similar items 364 627
Other gains and losses, and litigation (2)
7 -
Tax effect of: (628) (548)
Amortization of intangible assets (345) (307)
Impairment of intangible assets (4) (16)
Fair value remeasurement of contingent consideration (31) (15)
Expenses arising from the impact of acquisitions on inventories (56) -
Restructuring costs and similar items (126) (210)
Other tax effects (66) -
Other tax items 111 113
Share of items listed above attributable to non-controlling interests (1) (9)
Restructuring costs of associates and joint ventures, and expenses arising from the impact
of acquisitions on associates and joint ventures
43 (54)
Animal Health items (3)
(4,421) 13
Other Sanofi Pasteur MSD items (4)
- 19
Business net income 3,491 3,402 2.6%
IFRS earnings per share (5)
(in euros) 5.35 1.74

41. 41
Cash Flow Statements
(1) Excluding restructuring costs and similar items.
(2) Excluding Animal Health business for the 2016 comparative period.
€ million H1 2017 H1 2016
Business net income 3,491 3,402
Depreciation, amortization and impairment of property, plant and equipment and software 604 600
Gains and losses on disposals of non-current assets, net of tax (79) (27)
Other non cash items 156 (324)
Operating cash flow before changes in working capital (1)/(2)
4,172 3,651
Changes in working capital (1)
(1,185) (574)
Acquisitions of property, plant and equipment and software (688) (645)
Free cash flow (1)/(2)
2,299 2,432
Acquisitions of intangible assets excluding software (285) (556)
Acquisitions of investments in consolidated undertakings including assumed debt (274) (369)
Restructuring costs and similar items paid (438) (347)
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current
assets net of tax 313 260
Issuance of Sanofi shares 99 17
Dividends paid to shareholders of Sanofi (3,710) (3,759)
Acquisition of treasury shares (1,698) (1,403)
Transactions with non-controlling interests including dividends (48) (9)
Foreign exchange impact 290 12
Net cash-flow from the swap between BI - CHC and Sanofi Animal Health business 4,349 -
Other items (154) (25)
Change in net debt 743 (3,747)

42. 42
Balance Sheets
ASSETS
€ million
06/30/17 12/31/16
LIABILITIES & EQUITY
€ million
06/30/17 12/31/16
Equity attributable to equity holders of Sanofi 57,631 57,554
Equity attributable to non-controlling interests 161 170
Total equity 57,792 57,724
Long-term debt 15,186 16,815
Property, plant and equipment 9,633 10,019
Non-current liabilities related to business combinations and
to non-controlling interests
1,287 1,378
Intangible assets (including goodwill) 54,813 51,166 Provisions and other non-current liabilities 8,412 8,834
Non-current financial assets & investments in
associates and deferred tax assets
10,325 10,379 Deferred tax liabilities 2,128 2,292
Non-current assets 74,771 71,564 Non-current liabilities 27,013 29,319
Accounts payable & Other current liabilities 13,580 14,472
Inventories, accounts receivable and other current
assets
16,194 16,414
Current liabilities related to business combinations and to
non-controlling interests
234 198
Cash and cash equivalents 10,877 10,273 Short-term debt and current portion of long-term debt 3,241 1,764
Current assets 27,071 26,687 Current liabilities 17,055 16,434
Assets held for sale or exchange 28 6,421 Liabilities related to assets held for sale or exchange 10 1,195
TOTAL ASSETS 101,870 104,672 TOTAL LIABILITIES & EQUITY 101,870 104,672